Slide 1: H1 2025 Results Presentation
H1 2025 Results Presentation 13 August 2025
Slide 2: Agenda
AGENDA Topic Presenters Introduction H1 2025 financial review Current trading and outlook Strategic performance Summary Per Widerström Sean Wilkins Q&A Chief Executive Officer Chief Financial Officer 2
Slide 3: Summary
SUMMARY Significant transformation of the Group showing results with H1 2025 delivering strong profitable growth and deleveraging, increasing confidence in VCP ❑ Fourth consecutive quarter of revenue growth ❑ International strong double-digit growth driven by core markets ❑ Retail back to growth in
Slide 4: Financial review
Financial review Sean Wilkins, CFO 4
Slide 5: H1 2025 Financial Summary
H1 2025 FINANCIAL SUMMARY Constant currency Revenue growth of 4% driven by core markets and double-digit gaming growth Adjusted EBITDA of £166m, +44% YoY, with underlying efficiency improvements and operating leverage Revenue £m H1 2025 H1 2024 YoY • UK&I Online: gaming +4% driven by strong William
Slide 6: Improving Profitability
IMPROVING PROFITABILITY Significantly improved profitability, with further step-up expected in the second half driven by operating leverage on revenue growth, together with further cost savings and phasing +£5-10m £203-217m +£40-50m +£15-20m £166m -£20-30m • Gross margin improvements primarily drive
Slide 7: Cash Flow
CASH FLOW Small cash outflow in the period primarily driven by timing of working capital and FX, with full year guidance for a small inflow unchanged and significant deleveraging driven by growth in LTM EBITDA £m Jun-24 Dec-24 Jun-25 Gross debt1 1,792.9 1,839.8 1,834.8 IFRS16 liabilities 90.3 95.0 1
Slide 8: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK Current trading in line with plans and reiterating guidance for the year Current trading ● H2 started in line with plans, with July growth muted given lapping Euros ● Confidence in plans for H2 with continued International growth, retail benefitting from machines, and UK&
Slide 9: Strategic performance
Strategic performance Per Widerström, CEO 9
Slide 10: Value Creation Plan
VALUE CREATION PLAN Focus on driving execution to ensure operational excellence and deliver value creation 1 2 3 What we will do How we will drive execution Where we will do this ● Drive profitable and sustainable ● Operational excellence driven by Core markets revenue growth [5-9% p.a.] data insigh
Slide 11: Delivering Profitable Growth
DELIVERING PROFITABLE GROWTH Bold decisive actions taken to transform the business, driving profitable growth Drive sustainable revenue growth Improve profitability and efficiency Deleverage ● Radically transforming almost every ● Return to growth and improved area of the business profitability supp
Slide 12: Execution Priorities
EXECUTION PRIORITIES Executing short-term turnaround with sustainable revenue growth and high contribution growth, while transforming the business to build long-term capability and drive competitive advantage Operational • Continued expansion of AI and automation excellence driven • Improved marketi
Slide 13: Retail
RETAIL Successful rollout of new gaming machines is driving market share gains in gaming, with planned improvements to sports in H2 to address competitive gaps, focusing on SSBTs and IPTV content increase Execution Key value drivers Financial performance Product • Successful rollout of 5,000 new gam
Slide 14: UK&I Online
UK&I ONLINE Revenue impacted by focus on improved profitability together with short-term headwinds from suboptimal customer compliance journeys. H2 focus on product and brand to drive growth Execution Key value drivers Financial performance Product • Simplifying UX: new horse racing and football pag
Slide 15: International
INTERNATIONAL Strong double-digit performance across core markets Execution Key value drivers Financial performance Product • Mr Green migrated to 888 platform for % mix of H1 YoY Market Denmark and dotcom division growth %1 share • Improved product localization, including payments Italy 32% +16% •
Slide 16: Summary
SUMMARY ❑ Continued evidence the turnaround and transformation is working ❑ Great fundamental strengths with leading brands in attractive markets ❑ Clear strategy with laser focus on execution and value creation ❑ Continued revenue growth and accelerating momentum ❑ Significantly improved profitabil
Slide 17: Q&A Presenters
Q&A Presenters 17
Slide 18: Appendix
Appendix 18
Slide 19: Strategic Framework Overview
STRATEGIC FRAMEWORK OVERVIEW Our strategic framework provides a clear vision of what success looks like and the strategy to get there Our vision Make life more interesting Defining success Improve colleague Achieve medium-term Our goals Increase player days Promote positive play satisfaction financi
Slide 20: 2025 Technical Guidance
2025 TECHNICAL GUIDANCE Group FY25 Cashflow ● 5-9% revenue growth ● Capex of c.£100-110m, including investment in strategic initiatives and ● Adjusted EBITDA margin of at least 20% retail refresh programme ● One-offs: ● Cost to achieve savings and exceptional items c.£30-35m ● Italian gaming licence
Slide 21: Debt Structure
DEBT STRUCTURE £m Jun-24 Dec-24 Jun-25 Borrowings 1,683.9 1,737.7 1,719.8 Loan transaction fees 69.3 61.6 51.4 Derivatives 39.7 40.5 63.6 Gross Debt 1,792.9 1,839.8 1,834.8 IFRS16 liabilities 90.3 95.0 104.4 Cash (excl. customer (116.4) (147.1) (121.0) balances) Net Debt 1,766.8 1,787.7 1,818.2 • Ne
Slide 22: H1 2025 Financial Results – Reported
H1 2025 FINANCIAL RESULTS – REPORTED £m H1 2025 H1 2024 Revenue 887.8 862.0 • Revenue and Adjusted EBITDA as discussed earlier Gross profit 592.8 560.2 • Exceptional items discussed overleaf Adjusted EBITDA 165.9 115.5 • Depreciation and amortisation includes £39.8m of amortisation of acquired intan
Slide 23: Exceptional Items and Adjustments
EXCEPTIONAL ITEMS AND ADJUSTMENTS £m H1 2025 H1 2024 Key items for H1 2025: Integration and transformation costs 12.4 29.8 • Integration and transformation costs relate to Corporate transaction related costs 0.3 41.0 redundancy payments and technology integration costs Foreign exchange 11.9 1.0 • Fo
Slide 24: Segmental Performance
SEGMENTAL PERFORMANCE UK&I Online Retail International Group Unaudit ed H1 H1 % H1 H1 % H1 H1 % H1 H1 % £m 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change Average mont hly act ives (000s) 1,085 1,277 -15% 652 548 +19% 1,737 1,825 -5% Sportsbook stakes 1,079.0 1,206.7 -11% 738.3 7
Slide 25: Quarterly Performance – Group
QUARTERLY PERFORMANCE – GROUP Unaudit ed - Group 2024 2025 £m Q1 Q2 Q3 Q4 H1 H2 FY Q1 Q2 Q3 Q4 H1 H2 FY Average mont hly act ives (000s) 1,835 1,815 1,653 1,600 1,825 1,627 1,726 1,754 1,720 1,737 Sportsbook stakes 1,351.5 1,263.5 1,166.4 1,187.6 2,615.0 2,354.0 4,969.0 1,168.0 1,140.0 2,308.0 Sport
Slide 26: Quarterly Performance – UK&I Online
QUARTERLY PERFORMANCE – UK&I ONLINE Unaudit ed - UK&I Online 2024 2025 £m Q1 Q2 Q3 Q4 H1 H2 FY Q1 Q2 Q3 Q4 H1 H2 FY Average mont hly act ives (000s) 1,274 1,281 1,135 1,037 1,277 1,086 1,181 1,069 1,101 1,085 Sportsbook stakes 630.6 576.1 548.9 541.4 1,206.7 1,090.4 2,297.1 538.6 540.4 1,079.0 Sport
Slide 27: Quarterly Performance – UK Retail
QUARTERLY PERFORMANCE – UK RETAIL Unaudit ed - UK Ret ail 2024 2025 £m Q1 Q2 Q3 Q4 H1 H2 FY Q1 Q2 Q3 Q4 H1 H2 FY Sportsbook stakes 393.5 402.5 374.4 376.6 796.0 751.0 1,547.0 367.3 371.0 738.3 Sport sbook net revenue margin 19.3% 18.5% 16.8% 21.9% 18.9% 19.4% 19.1% 18.9% 19.4% 19.1% Betting revenue
Slide 28: Quarterly Performance – International
QUARTERLY PERFORMANCE – INTERNATIONAL Unaudit ed - Int ernat ional 2024 2025 £m Q1 Q2 Q3 Q4 H1 H2 FY Q1 Q2 Q3 Q4 H1 H2 FY Average mont hly act ives (000s) 561 534 519 563 548 541 544 685 619 652 Sportsbook stakes 327.3 285.0 243.1 269.5 612.3 512.6 1,124.9 262.1 228.6 490.7 Sport sbook net revenue m
Slide 29: Disclaimer
DISCLAIMER Forward looking statements ● This presentation may contain certain forward-looking statements, beliefs or opinions, with respect to the financial condition, results of operations and business of the Company. These statements, which contain the words “anticipate”, “believe”, “intend”, “est